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Exhibit 10.33
M AXWELL T ECHNOLOGIES , I NC .
9244 B ALBOA A VENUE
S AN
D IEGO , CA
92123
December 19
th
, 2008
David Schramm
Dear David:
You and Maxwell Technologies, Inc.
(the “Company”) signed an offer letter dated July 9,
2007 (the “Offer Letter”). To avoid potential adverse
tax consequences imposed by Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), the Offer Letter
is hereby amended by inserting the following new provisions at the
end of Section 8 of the Offer Letter:
Separation from
Service. Wherever this
Offer Letter refers to a termination of employment, including
(without limitation) a termination without Cause, the reference
will be construed as a Separation. For all purposes under this
Offer Letter, “Separation” means a “separation
from service,” as defined in the regulations under Section
409A of the Code. This paragraph supersedes any contrary provision
of this Offer Letter.
Commencement of Severance
Payments. Payment of the
periodic salary continuation severance pay provided for under this
Section 8 will begin on the first regularly scheduled payroll date
that occurs on or after 45 day
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